Sunday, February 14, 2010

Top 5 FAQs On Condo Rules

In our neverending quest to find interesting and relevant information for our fellow condo enthusiasts, we've come across numerous websites which address some of the most commonly asked questions about the Condo Act, regulations and by-laws. This is a popular topic for many condo owners and potential buyers, and we hope to shed some light on the matter by sharing these resources here over time.

The Toronto and Area Chapter of the Canadian Condominium Institute (CCI) addressed the top five commonly asked questions to condo ownership, as it applies to condominiums in Ontario governed by the Condominium Act, 1998:

1. Is there a specific date each spring and fall by which legally the corporation must turn on/off the heating/air conditioning system?

2. What is the maximum percentage that the corporation can increase monthly maintenance fees by each year?

3. There is excessive noise coming from my neighbour's unit late at night. What are my rights?

4. I purchased my new condo from Developer plans and now that I have moved in the square footage is smaller than outlined in the plans? What can I do?

5. How long do I have to continue paying Occupancy Fees? Isn't there a timeframe by which the Turnover meeting has to take place?